Ford and Geely close to Volvo deal

US carmaker Ford will sign a deal to sell its Volvo cars business to China’s carmaker Zhejiang Geely within days, sources close to the deal said last night. The Chinese carmaker will pay $1.8bn (£1.2bn) for Volvo, while a further $750m of working capital is being raised to develop the Swedish brand, famous for its estate marques. Xi Jinping, China’s vice-president, is due in Sweden on Saturday for a state visit. The deal is expected to be signed on Sunday, or perhaps might be delayed until Monday.